Preheat oven to 350 degrees Fahrenheit. Grease a 9-inch round cake pan with olive oil and line the bottom with parchment paper.

In a medium bowl, whisk together flour, baking powder, and salt. Set aside.

In a large bowl, whisk together eggs and sugar until light and fluffy, about 2 minutes. Slowly drizzle in the olive oil while whisking continuously. Add milk, lemon zest, and lemon juice, mixing until well combined.

Gently fold the dry ingredients into the wet ingredients using a spatula until just combined. Do not overmix. Pour batter into the prepared pan.

Bake for 40-45 minutes, or until a toothpick inserted in the center comes out clean and the top is golden brown. Let cool in the pan for 10 minutes, then turn out onto a wire rack to cool completely.

In a small bowl, whisk together powdered sugar, lemon juice, and lemon zest until smooth. Adjust consistency by adding more lemon juice if too thick or more powdered sugar if too thin.

Once the cake is completely cooled, drizzle the glaze over the top, allowing it to drip down the sides. Let the glaze set for 15 minutes before slicing and serving.